S&P affirms Saudi's Dar Al Arkan B+ credit rating

09/02/2015 Argaam

Standard & Poor’s (S&P) has affirmed the B+ corporate credit rating of Saudi Arabian Dar Al-Arkan Real Estate Development Co. (DAAR).


The rating reflects Dar Al-Arkan's stable operational performance in 2015, according to the company’s statement to Saudi's bourse.

 
S&P had previously revised its outlook to "negative" from "stable," following a recent review of DAAR’s performance.

 

​"​ S&P said the Saudi developer has an adequate liquidity, with a ratio of cash sources to uses of about 1.2
​x
​ ​over the coming 12 months
​," the company said in its statement.

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